Crypto.com launches institutional trading platform in the U.S.

Digital asset insurer funds Middle East expansionOneDegree, a Hong Kong-based InsurTech startup is expanding its area of engagement to the Middle East, funded through an undisclosed investment from Dubai Insurance.Fresh funding round to finance growthThe seven-year-old startup announced on Friday that it has secured further funding, solidifying its commitment to Middle East expansion while building upon the success of OneDegree’s $55 million Series B round in June. Total funds raised are believed to be in the region of $100 million.The Series B round was required to expand its digital assets insurance portfolio. Similarly, the partnership with Dubai Insurance is aimed at facilitating OneDegree’s expansion into the digital asset insurance sector within the United Arab Emirates (UAE) and the Gulf region. The startup firm will now proceed to establish a new entity in Dubai and hire staff locally to take on new business in the region.Among its notable investors are Alibaba Entrepreneurs Fund (AEF) Greater Bay Area Fund, Sun Hung Kai & Co and Cathay Venture, the venture capital arm of Taiwanese billionaire Tsai Hong-tu’s Cathay Financial Holdings. OneDegree’s CEO, Alvin Kwock, has stated that the company is on track to achieve profitability by the second half of 2024.Photo by Roman Logov on UnsplashMinisterial interestIt’s understood that the UAE’s economy minister, Abdulla bin Touq Al Marri, had outlined his interest in OneDegree bringing its service offering to the UAE when he met with representatives from the company at the Belt and Road Summit in Hong Kong in September.Given that OneDegree is planning to service the digital assets sector in the UAE, the move aligns with Dubai’s new crypto regulatory framework implemented earlier this year, which mandates insurance coverage for licensees engaged in crypto-related businesses to safeguard users’ funds. Major players in the crypto industry, such as Binance, Crypto.com and OKX, have already established a presence in Dubai.Only digital asset insurer in AsiaIn a video interview from Dubai on Friday with Forbes, Alvin Kwock emphasized OneDegree’s unique position as the first and only licensed insurer in Asia capable of providing digital asset insurance.Kwock revealed that approximately half of the world’s top 20 crypto exchanges have approached OneDegree for its digital asset insurance, with some of them already being clients. The startup has extended its services to around 30 companies, including Cactus Custody, the custodian unit of Singapore’s Matrixport; Rakkar Digital, backed by Thailand’s Siam Commercial Bank; and Hashkey, one of Hong Kong’s licensed crypto exchanges.In July it penned a deal with blockchain infrastructure firm Blockdaemon. Meanwhile, it has been underwriting digital assets for crypto custodian METACO since November 2022.Anticipating substantial growth, Kwock expects the number of OneDegree’s digital asset insurance customers to surpass 100 by the end of 2024. He foresees this segment constituting about half of the company’s total business in the coming year, up from the current level of 30%. Kwock underscored the evolving dynamics in the crypto market, emphasizing the increasing importance of risk management and the essential role of insurance in the digital asset industry.OneDegree’s expansion into the UAE aligns with the nation’s crypto-friendly policies, actively attracting firms to leverage its supportive regulatory environment. Indirectly, it also serves the Hong Kong government’s strategy to deepen business ties with the Middle East.

Singapore and the Philippines Lead Crypto Interest in Southeast AsiaSingapore and the Philippines have emerged as the frontrunners in Southeast Asia’s crypto landscape in 2023, capturing the majority of regional interest.Research carried out by Malaysian cryptocurrency data aggregator CoinGecko reveals that on a per capita basis, Singapore holds a 43.5% share of crypto interest, followed closely by the Philippines with 40.3%.Photo by Kenneth Koh on UnsplashRegional crypto hubSingapore has established itself as a crypto hub not only within Southeast Asia but also in the wider Asia region. It was previously ranked as the third most crypto-curious country globally and has consistently been one of the top Web3 gaming countries for three consecutive years.Other countries in Southeast Asia, including Malaysia, Thailand, Vietnam, and Indonesia, also contribute to the region’s crypto interest, although at more modest levels. Combined, these countries represent 14.7% of the per capita crypto interest in the region so far this year.GameFi driving interestIn the Philippines, crypto interest is primarily driven by GameFi, and the country has maintained its position as the leading Web3 gaming country from 2021 to 2023. The Philippines witnessed the Axie Infinity mania, with local gaming guilds and inspiring rags-to-riches success stories. Additionally, it was among the top countries embracing meme coins earlier this year, alongside Malaysia.Vietnam shares a strong interest in GameFi, placing it among the top Web3 gaming countries for three consecutive years. Thailand and Indonesia have witnessed substantial trading volumes on their crypto exchanges, with $37.94 billion and $23.97 billion respectively in 2022.Notably, Malaysia has a significant presence in the crypto industry, despite its relatively smaller impact. The country is home to two prominent crypto data tools, CoinGecko and Etherscan, which were founded by Malaysian teams and are headquartered in the country.In contrast, smaller Southeast Asian economies such as Cambodia, Myanmar, Brunei, Laos, and Timor-Leste have a combined share of only 1.5% of regional crypto interest per capita. While these markets remain largely untapped, their low adoption rates are unlikely to improve in the near term. Except for Brunei, which is a wealthy nation, the smaller Southeast Asian economies are categorized as lower-middle income countries.Regarding the specific cryptocurrencies drawing attention in Southeast Asia in 2023, Layer 1, GameFi, meme coins, and DeFi-related crypto have emerged as the most popular categories. The top-ranking cryptocurrencies within these narratives account for 22.2% each of the region’s interest so far this year.The Philippines, as the top Web3 gaming country, showcases three GameFi cryptocurrencies — Smooth Love Potion (SLP), Ronin (RON), and Wemix (WEMIX) — among its most popular choices. Malaysian investors also show interest in DeFi projects like Maple (MPL) and BoringDAO (BORING), in addition to Bitcoin.Singapore’s popular crypto choices include The Graph (GRT), Bitcoin (BTC), and Pepe (PEPE). Vietnam demonstrates ongoing interest in Aptos (APT) and privacy tool Bob (BOB), while Thailand focuses on Gala (GALA) and Canto (CANTO). Finally, Indonesia monitors Not Financial Advice (NFAI) and AirSwap (AST).Overall, Singapore and the Philippines lead the way in crypto interest within Southeast Asia, while other countries in the region also contribute to the evolving crypto landscape.

Startale Group, a Japan-based Web3 solutions provider, has secured an additional $13 million investment from the Sony Innovation Fund, which is financed by Sony Group and focuses on backing venture companies. In a press release, Startale said the new funding would deepen its ongoing collaboration with Sony, with a focus on Soneium—an Ethereum layer-2 blockchain built using Optimism’s Superchain technology. Soneium is positioned as the flagship project of Sony Block Solutions Labs, a joint venture between Startale and Sony Group.Photo by Nikita Kostrykin on UnsplashSince launching in January 2025, Soneium has gained traction in the Web3 sector, according to figures cited by the company. Startale said the network has processed more than 500 million transactions over the past year, supports 5.4 million active wallets, and hosts over 250 decentralized applications.  The collaboration is intended to explore how blockchain technology could be applied to intellectual property management, creator monetization, and fan engagement, areas where Sony has an established global presence. Startale launches stablecoin on SoneiumThe ecosystem expanded further this month with the integration of Startale USD (USDSC), a stablecoin built on infrastructure provider M0 and backed by short-term U.S. Treasuries, according to Startale. The token is now live on Soneium, whose ecosystem includes partners such as Aave, Uniswap, and Chainlink.  Users can purchase USDSC through the Startale App, the company said, and use it for in-app trading, yield generation through deposits, and liquidity provision in the Startale USD pool on Uniswap in exchange for STAR Points. Startale’s push comes as more established Japanese companies explore blockchain-based initiatives at home and abroad. Matsumoto, a Fukuoka-headquartered printing company founded in 1932, has outlined a long-term concept to create a digital asset treasury for students, under which student activities would be recorded on the Solana blockchain. The company has said the records would not be used for ranking or evaluation, but instead to encourage learning and support future career opportunities. The company has also described a broader ecosystem in which business profits could be returned to children and their families through a portfolio of cryptocurrencies, positioning the concept as both an educational incentive and a potential source of financial support. Nomura’s crypto arm seeks U.S. bank charterJapanese firms are also seeking to expand their crypto operations overseas. Laser Digital, the crypto arm of Nomura, has applied to the U.S. Office of the Comptroller of the Currency for a national trust bank charter, according to The Block.  If approved, the charter would allow the firm to operate nationwide without obtaining custody licenses on a state-by-state basis, though it would not permit the acceptance of retail deposits. The company is also expected to offer spot crypto trading. Approval would place Nomura alongside firms such as Circle, Ripple, and BitGo, which have received conditional approval from the OCC to operate as federally regulated trust banks, subject to final requirements.